In the COVID-19 climate, we have been pushed to the limit on an individual, business and societal level. The pandemic has had a huge impact on many businesses, small and large, resulting in administration and closures across organizations from a range of geographical regions and industries.
The ability to adapt and be resilient is vital for all businesses while we navigate the new business landscape. In our work, we’ve tried, tested and proven five tools that ensure business resilience during periods of vast change.
If you operate an established business, you will likely have an existing strategic plan that will address continuity of operations in the event of exposure to a threat. Threats can range from natural disasters and cyber-attacks to break-ins and global pandemics.
When adjusting business practices in order to manage any such threat, you will need to refer back to your long-term business goals and objectives.
Will your actions now have a lasting effect on these goals?
Your aim should be to introduce measures that not only help you manage the threat but also minimize the impacts of the threat and subsequent actions on your strategic goals.
When adapting your business to change, another useful tool can be found in your existing forecast model.
Using the model, brainstorm and create scenarios that could develop throughout the threat’s potential time period.
In accounting for such scenarios in contrast to the financial forecast model, you can understand and plan for your profit and cash flow options.
Having formed a contingency plan using the forecast model for your cash ensures your business will be sustainable and prepared for when the going gets tough.
External resources are often overlooked by businesses managing and adapting their operations in response to change. In most cases, your government and your community will want your business to succeed – account for the resources and consider their offerings.
In challenging circumstances, there are usually a wealth of resources available to businesses. This can include bank loans, government assistance, funding and grants, as well as cash from a sister organization.
Engaging these resources not only optimizes your cash flow, it can also create future growth opportunities for your business, through exposure and partnerships.
A key tool to resilience in any situation is to ensure you have the right people around you and supporting you. Reassess your organizational plan and consider your team.
Ask yourself, who is imperative to the long-term success of the business?
Once you have established the team members that are integral to the business’s durability, you can take action to ensure they feel valued and supported by your business in return. You will also be prepared to make decisions regarding your other staffing needs, where applicable.
Another equally important component of business resiliency in challenging circumstances is your marketing plan.
You should ensure your marketing plan is still relevant and can be adapted to address how your business is operating in line with local government regulations. This will be particularly significant in light of the event your business is experiencing.
When facing threats to your business, it is easy to get caught up in managing and adapting your internal activities. Conferring with your local government is critical to your legal standing and how to show potential and existing clients will perceive your business.
These tools are incredibly effective at preparing businesses for change and change management. By employing these tools in the current climate, you are building your business’s resiliency to existing and future challenges.